Traders work at the New York Stock Exchange on May 7, 2026.

NYSE

For an $18 billion market-cap company, data-center owner Iren trades like one of the AI giants.

The company had two of the top 20 biggest options trades in the market on Thursday and a total $173 million of premium traded hands, with 73% of that in calls.

By comparison, less than a million dollars of options traded in total between data-center real-estate stocks Equinix and Digital Realty Trust , whose combined market cap is almost ten times Iren's. As of noon Chicago time, the trading in Iren also surpassed the dollar amount traded in VanEck Semiconductor ETF .

The two biggest trades of the day were part of a $36 million long strangle trade that bets on a big move in either direction. The trader bought 12,500 65-strike calls and an equal amount of 60-strike puts both expiring Sept.…